Egypt may freeze talks with Borsa Istanbul

CAIRO - Anadolu Agency

Egypt is likely to freeze talks on a proposed joint index covering the Egypt and Istanbul stock markets that had been due to launch in September, an Egyptian government official said yesterday. The current situation in Egypt “might not be suitable” for the planned partnership between the two bourses, the high-profile official said.

“The decision to freeze talks was not prompted by political motives, but by Egypt’s internal situation,” he added. In September, the EGX signed a deal with its Turkish counterpart Borsa Istanbul (BIST) calling for the launch of a joint stock index to include 30 listed companies from each exchange.

The partnership was meant to go into effect on September 19. Earlier this month, Mohamed Omran, chairman of the Egyptian Stock Exchange (EGX), told Anadolu agency that talks between the Egyptian and Istanbul bourses over the proposed joint index would soon resume.

The high-profile official told Anadolu agency the two stock markets enjoyed good relations, adding that the Egyptian bourse might send a letter to Turkish officials clarifying the current situation.